WHAT MAKES THE PRICE OF OATS 
33 
Table V. — Chicago price of oats estimated from changes in the United States 
production plus carry over of oats and the index number 1 
Percentage change 
over preceding 
year 
2.03^2 
-1.16Z3 
Esti- 
mated 
change 
in 
price 
Same 
expressed 
in 
round 
numbers 
Actual 
price 
Esti- 
mated 
price 
Year 
beginning 
July 1 
Farm 
products 
index 
X2 
United 
States 
produc- 
tion plus 
carry over 
x% 
Residuals 
1895 
Per cent 
Per cent 
Cents 
20 
17 
23 
25 
23 
24 
40 
34 
38 
32 
31 
37 
50 
53 
44 
35 
50 
37 
41 
51 
45 
56 
77 
71 
88 
54 
39 
41 
Cents 
Cents 
1896 
1897 
1898__ 
1899 
1900 
1901 
1902 
1903 
1904 
1905 
1905 
1907 
1908__ 
1909 
1910__ 
1911-. 
1912 
1913 
1914 
1915 
1916 
-2 
+7 
+5 
+5 
+7 
+8 
+1 

+1 

+5 
+2 
+7 
+9 
-2 
-1 
+3 
+2 
+2 
+10 
+37 
+31 
+10 

-24 
-25 
+9 
+4 
-3 
+2 
+10 
-1 
-14 
+29 
-12 
+11 
+10 
-3 
-21 
+ 1 
+23 
+14 
-20 
+46 
-15 
-3 
+33 
-14 
+20 
-1 
-21 
+20 
-18 
+ 5 
-4.06 
+14. 21 
+10. 15 
+10. 15 
+14. 21 
+16. 24 
+2.03 

+2.03 

+10. 15 
+4.06 
+14. 21 
+18. 27 
-4.06 
-2.03 
+6.09 
+4.06 
+4.06 
+20. 30 
-4.64 
+3.48 
-2.32 
-11.60 
+1.16 
+16. 24 
-33. 64 
+13. 92 
-12.76 
-11.60 
+3.48 
+24.36 
-1.16 
-26. 68 
-16.24 
+23. 20 
-53. 36 
+17. 40 
+3.48 
-38.28 
-4.50 
+21. 89 
+12. 03 
+2.75 
+19. 57 
+36. 68 
-27. 41 
+18. 12 
-6.53 
-7.40 
+17.83 
+32. 62 
+17. 25 
-4.21 
-16. 10 
+25. 37 
-43. 07 
+25. 66 
+11.74 
-13.78 
-5 
+22 
+12 
+3 
+20 
+37 
-27 
+18 
-7 
-7 
+18 
+33 
+17 
-4 
-16 
+25 
-43 
+26 
+12 
-14 
19 
21 
26 
26 
28 
33 
29 
40 
35 
30 
37 
49 
59 
51 
37 
44 
28 
47 
46 
44 
+2 
-2 
+1 
+3 
+4 
-7 
-5 
+2 
+3 
-1 

-1 
+6 
+7 
+2 
-6 
-9 
+6 
-5 
-1 
1917 
1918. . 
1919. _. 
1920 
1921 
1922 
-50. 75 
+18. 27 
+20. 88 
-5.80 
-25. 67 
+16. 67 
-26 
+17 
40 
46 
+1 
^5 
The equation is xi=4 . 20+2. 03x 2 - 1.16x3 
